We have performed procedures to obtain reasonable assurance over the transactions involved in the reconciliation process. The assurance engagement involves selection of items for testing from the population of monetary and non-monetary transfers
There are different sampling options, such as
Selecting all items (100% testing);
Selecting specific items according to their characteristics; and
Statistical and non-statistical sampling.
100% testing:
It is most likely to be appropriate where the population constitutes a small number of large value items, when there is a significant risk and other means do not provide sufficient appropriate audit evidence.
